Waters Wrap: ASX’s Chess DLT meets calamitous fate—what can be learned?

The future of exchange technology resides in the cloud…not blockchain. Anthony says ASX proved this with its Chess replacement project.

Credit: Thomas Eakins

“We began this project with the latest information at the time …”

This was the opening line in a statement by Damian Roche, chairman of the Australian Securities Exchange, after news broke that the exchange would take an AUS$245-255 million (~$165-170m) pre-tax write-off after halting its Chess blockchain project. This coming after a review by Accenture found problems with deadlines not being met, excessive complexity with what was completed, and issues in governance between ASX and Digital

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